Global Sensors Market to Reach US$76.7 Billion by 2017, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Sensors market. World sensors market is forecast to reach US$76.7 billion by the year 2017. Technological refinements in terms of improved efficiency and performance will re-emerge to drive growth in the marketplace stimulating the world market for sensors in the post-recession period.
San Jose, CA (PRWEB) October 12, 2011
Follow us on LinkedIn – Sensors are being used widely in most of the industries, including automotive, medical, industrial, entertainment, security, and defense due to increased usage of process controls and sensing elements in different sectors. While micromachining enhanced the scope of sensor fabrication applications, nanotechnology and micro-electromechanical technology led to improvements in sensor development, design, and the production of inexpensive compact sensors. However, the reduced level of economic activity during the recession period exerted a disproportionate impact on industrial production as a result of reduced manufacturing and commercial activity. Manufacturing output declined resulting in broad based declines in process and manufacturing industries. Fall in production, plant closures, capacity idling, scaling back of operating capacity, reduced the immediate need for investments in new machinery. Sputtering investments in industrial production brought in reduced orders for sensors in this end-use market. With the manufacturing sector stumped by deteriorating business fundamentals, order intake for machine tools declined. Freezing of capital expenditure in the manufacturing and industrial sectors negatively impacting demand for sensors for use in machine tools and machinery. In addition to postponement of scheduled deployments of new machinery in production facilities, and lengthening of the replacement cycle, the market was also acutely impacted by increased end-user negotiations for longer lead-times, which resulted in increasing the time period between order quote and final purchase, thus squeezing revenues further.
Cancellation, postponement, and general weakness in new office, commercial and residential building projects as a result of lack of credit and rising vacancy rates and sharp falls in the number of applications for new building permits, reduced new housing starts and cost cutting among commercial establishments, and companies, impacted sensors demand in the HVAC & Building Control Applications market. Automotive sensor market also experienced a decline in 2009 following recession-reduced demand for vehicles across the globe. However, this is expected to change in coming years, as the vehicle stability control is likely to become mandatory for new cars. Post recession, car manufacturers will launch electronics-administered innovations for superior comfort and efficiencies, in response to stricter fuel mileage, safety and environmental regulations as well as high expectations from the customers.
Emerging application areas for sensors in the post-recession period include defense/aerospace, consumer goods, process/control, automation, medical, automotive and other markets. Specifically, automotive, information technology and medical applications are expected to emerge as the most promising markets for sensors over the next five years. Image sensors, accelerometers, gyro sensors and giant magnetoresistive (GMR) sensors are making significant inroads into these applications. Global industrial applications of radar-based level sensors, photoelectric proximity sensors, IR temperature and gas sensors as well as Coriolis and ultrasonic flowmeters are expected to witness an upsurge in the forthcoming years. Biosensors are on the threshold of penetrating the environmental applications market in a huge way. Non-conventional applications are fueling rapid growth in the global sensors market. A few such examples include disk drive read heads, automotive vehicle dynamic systems, obstruction detection and run flat tires. Advanced technology-based categories such as microelectromechanical (MEMS) sensors, biosensors, and complementary metal oxide semiconductor (CMOS) image sensors are fueling revenue growth across major regional markets.
As stated by the new market research report, Europe and Asia-Pacific accounts for a major share of the global Sensors market. Advances in the telecom sector in developing economies, particularly in Asia-Pacific and Latin America are expected to boost market for sensor applications over the next five years. By segment, Chemical Sensors is the largest contributor to revenues. The chemical sensor industry is banking on medical as well as process control applications in the Asia-Pacific region to ride through tough economic conditions, as both segments are considered relatively stable as compared to other sectors in the region. In addition, vendors are shifting focus from matured markets in the developed regions such as US and Western Europe towards emerging markets such as India, Indonesia, Thailand, and China, which are expected to hold huge potential for application as well as low-cost manufacturing of chemical sensors enabling long-term gains for the chemical sensor vendors.
As auto industry gears up to enhance the effectiveness of airbags and vehicle dynamic controls, angular-rate sensors and occupancy seat sensors are witnessing new demand. Vehicle manufacturers are also making use of advanced electronic elements to make vehicles that deliver higher safety, greater fuel-economy and eco-friendly solutions, thereby creating a need for increased sensor volumes for use in each vehicle. Global market revenues for Sensors in Automobile Applications are expected to surge at a CAGR of 8.5% over the analysis period. Improvements in safety features of vehicles, fuel economy and emissions will encourage market growth during 2010 through 2017 period.
Major players in the global marketplace include Allegro MicroSystems Inc, Analog Devices, Atmel Corporation, Bosch Sensortec GmbH, Bourns Inc, City Technology Limited, Continental AG, Corrsys-Datron Sensorsysteme GmbH, CTS Corp, Custom Sensors and Technologies Inc, Denso Corporation, Eaton Corp, ELMOS Semiconductor AG, Goodrich Corporation, Honeywell International Inc, Melexis Microelectronic Integrated Systems, OmniVision Technologies Inc, Panasonic Corporation, Rockwell Collins Inc, Sensata Technologies Inc, Siemens AG, STMicroelectronics NV, Teledyne Dalsa, TRW Automotive Holdings Corp, TT electronics Plc., UTC Fire & Security, among others.
The research report titled Ã¢Å“Sensors: A Global Strategic Business ReportÃ¢ announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections (US$ Million) for major geographic markets including the United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Product segments analyzed include Pressure Sensors, Chemical Sensors, Flow Sensors, Level Sensors, Temperature Sensors, Proximity & Displacement Sensors, Force and Load Sensors, Position Sensors, Image Sensors, Fiber Optic Sensors, and Other Sensor. Market for sensors is also analyzed by end-use segment – Automobile Applications, Process & Manufacturing Industries, Machine Tools & General Machinery, HVAC & Building Control, Office Automation & Communication, and Other Applications.
For more details about this comprehensive market research report, please visit Ã¢“
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.
Global Industry Analysts, Inc.
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